Private Banking and Wealth Management Services Offered by Banks

The paper examines the features of private banking business focusing on the substantial growth in private banking over the last decade as commercial banks have targeted upmarket high net worth individuals. The accumulation of wealth has prompted the development of private banking services for high net worth individuals, offering special relationships and investment services. Private banking is about much more than traditional banking services of deposits and loans. It's about providing a one-to-one service by a relationship manager or a private banker to clients with a certain level of wealth. The globalization of financial markets provided access of private banking clients to a broader array of products, thus rendering greater portfolio efficiency and optimization of return through diversification. These kinds of services include: Protecting and growing assets in the present, providing specialized financing solutions, planning retirement and passing wealth on to future generations